Unlike other areas of financial services, the law of clearing and settlement is not harmonized or subject to all-embracing EU directives, which has allowed diverse national approaches to develop. Overlaid on that are themes of EU policy, including stimulating competition, promoting systemic stability, and creating a single market in financial services. The themes do not work consistently towards the same objectives, creating a complex subject in which risks and rights are poorly understood. In a practical and accessible way, this book clarifies and explains this increasingly important area for banks.